Walt Disney Co, the largest shareholder in UTV Software Communications Ltd with 50.44% stake, has proposed to buy the rest of the stake in the company in a deal valued around Rs 2,000 crore.

Walt Disney Co, the largest shareholder in UTV Software Communications Ltd with 50.44% stake, has proposed to buy the rest of the stake in the company in a deal valued around Rs 2,000 crore.

The offer to buy out stakes in the media and entertainment firm saw the latter’s scrip jump 10% during the day reaching Rs 1,050 from the opening price of Rs 949 to eventually close the day at Rs 950.45, a rise of 6%.

After the buyout of the public shareholders by Walt Disney (South East Asia), a promoter group firm, UTV Software will be delisted from both the Bombay Stock Exchange and the National Stock Exchange.

A company spokesperson confirmed the development but did not elaborate.

UTV’s board of directors has approved the delisting offer and acquisition of shares from the public at a price not exceeding R1,000 per equity share.

After the delisting, Walt Disney will also acquire 80,53,480 equity shares representing 19.82% of the current paid-up equity share capital from other promoters of the company at the same price as discovered pursuant to the delisting offer.